Reuters Business News

Mexico could begin opening some automotive factories from May 18 under a government plan unveiled on Wednesday that loosens coronavirus restrictions and paves the way for U.S. car giants to ramp up output dependent on parts made south of the border.

The S&P 500 and Dow slipped on Wednesday as Federal Reserve Chairman Jerome Powell warned of an extended period of weak growth and stagnant incomes, while he also dismissed speculation over negative interest rates.

Wall Street bonuses for 2020 could fall by as much as 25%-30% due to the deep cuts to revenues recorded by banks and hedge funds earlier this year as a result of the novel coronavirus, according to a report published Wednesday by compensation consulting firm Johnson Associates Inc.

OPEC on Wednesday again slashed its forecast for global oil demand this year as the coronavirus outbreak causes a global recession, although it said record supply cuts by the group and other producers were already helping rebalance the market.

While Deutsche Bank employees fret about their jobs and pay, Germany's largest lender is trying to track down several hundred former staff to claim share payouts it has been holding in Jersey.

More than a hundred shoppers waited in line outside a Chanel store in Seoul on Wednesday, shrugging off concerns about a second wave of coronavirus infections to beat imminent price hikes by the French luxury brand.

Over 300 lawmakers from around the world on Wednesday urged the International Monetary Fund and World Bank to cancel the debt of the poorest countries in response to the coronavirus pandemic, and to boost funding to avert a global economic meltdown.

Federal Reserve Chair Jerome Powell, in a sober review of where the U.S. economy stands on the cusp of its reopening, warned on Wednesday of an "extended period" of weak growth and stagnant incomes, pledged to use more of the central bank's power as needed, and issued a call for additional fiscal spending.

Brazil airline Gol Linhas Aereas Inteligentes said on Wednesday it will receive 2.4 billion reais ($412 million) from Boeing Co as compensation for the grounding of the 737 MAX plane.

Federal Reserve Chair Jerome Powell, in a sober review of where the U.S. economy stands on the cusp of its reopening, said on Wednesday the country could face an "extended period" of weak growth and stagnant incomes, pledged to use more Fed power as needed, and issued a call for more fiscal spending.

Federal Reserve Chair Jerome Powell, in a sober review of where the U.S. economy stands on the cusp of its reopening, said on Wednesday the country could face an "extended period" of weak growth and stagnant incomes, pledged to use more Fed power as needed, and issued a call for more fiscal spending.

U.S. producer prices fell by the most since 2009 in April, leading to the largest annual decline in nearly 4-1/2 years, which could bolster some economists' predictions for a brief period of deflation as the novel coronavirus depresses demand.

French luxury house Chanel said on Wednesday it was increasing prices on its handbags and some small leather goods worldwide to take into account a rise in the cost of raw materials amid the coronavirus pandemic.

The S&P 500 and Dow Jones fell shortly after the open on Wednesday as Federal Reserve Chairman Jerome Powell warned of a prolonged recession due to the coronavirus and dispelled speculation over negative interest rates.

Federal Reserve Chair Jerome Powell, in a sober review of where the U.S. economy stands on the cusp of its reopening, said on Wednesday the country could face an "extended period" of weak growth and stagnant incomes, pledged to use more Fed power as needed, and issued a call for more fiscal spending.

Dow and S&P futures turned negative on Wednesday as Federal Reserve Chairman Jerome Powell warned of a prolonged U.S. recession due to the coronavirus outbreak in his prepared remark before the address.

Tesla Inc can take additional steps ahead of a potential reopening of its California assembly plant as soon as Monday after Chief Executive Elon Musk had vowed to defy authorities and won the backing of President Donald Trump, officials said.

U.S. stock index futures rose on Wednesday, after Wall Street's main indexes fell sharply in the previous session, with markets also awaiting comments from Federal Reserve Chairman Jerome Powell amid recent speculation over negative interest rates.

Sony Corp expects operating profit to drop at least 30% this financial year to its lowest in four years as the company anticipates a hit to demand for its TVs, cameras and smartphone image sensors from the coronavirus outbreak.

Swedish-Danish airline SAS said on Wednesday wearing a face mask would be compulsory on all its flights through to the end of August to reduce the risk of coronavirus contagion.